pre-construction condos in chicago Administrator on 14 Nov 2006 12:40 am
Major Condo/Loft Developments on the Rise
“A Chicago developer is set to kick off an approximately $900 million mixed-use project in the South Loop that should accelerate residential development and introduce a new type of retailing to an area where freight railroads and industry once thrived.
On Nov. 16, Centrum Properties Inc. will begin marketing the first phase of the project, called the Roosevelt Collection, which, when finished, will comprise as many as 1,000 condominiums, parking for 1,700 cars, a 2.5-acre park and about 400,000 square feet of retail space.
One industry observer says the development is a “big risk,” but Centrum says the project will create a new 12-acre neighborhood of housing and small-shop retailing that will help tie together this submarket on the southern edge of downtown.
‘We’re going to build a town center for the South Loop,’ said Solomon Barket, a partner in Centrum. ‘The retail will be a lifestyle center that caters to families.’
The condominiums will be priced from $290,000 to $600,000, and Barket expects the project to draw buyers mostly from other city locations. Shoppers likely will come from Centrum residences downtown and from the suburbs to the west and south.
Early in 2007, the three-year construction project will start on three levels of above-ground parking, topped by an 800-foot-long, 200-foot wide promenade. Some informal dining will run through the walkway’s center.
Along the sides will sit two stories of retail filled with about 45 shops selling clothing, accessories and home goods, as well as restaurants and a 16-screen multiplex cinema featuring lounges with waiter service. Rising six stories above the shops will be 360 loft-style condominiums.
On the northern edge of this cluster of homes and shopping will be a 40-story condominium high-rise on a circular piazza that leads to the 2.5-acre park. Farther north will be a 45-story condominium high-rise.”
—Chicago Tribune, by Susan Diesenhouse
It’s amazing the developments coming to Chicago in the next 2-3 years. It brings about the question…”Will the real estate market truly be this lucrative with the influx of new construction condos and loft developments?”
New construction condos are on the rise in Chicago, IL and around the nation, however, many locations have yet to add these luxurious additions to their brimming real estate market. For instance, L.A. has not seen the condo hotel advancements that are rich and progressive in Chicago. Why? Well Chicago is a great place to live, it’s economic, rich in culture and diversity and the prospective home owners and vacation home buyers love the market. Real estate developers are making a huge move with these new conversions and new construction high rises and with good reason.
The population of Chicago has increased yearly by at least 2% or greater. That means that as time endures the real estate market is bound to prevail, as there will always be potential home buyers.
What this means for home buyers that are currently on the market is that when new developments like Centrum Properties evolve they should take advantage while they are still able to lock in low interest rates and get great kick backs from purchasing during the pre-construction phase.
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